➥ Ondo Perps is already outperforming dYdX and GMX in volume In roughly its first 6 weeks, @OndoPerps processed $3.32B in cumulative vol, 8.08M fills, $270.7M peak daily vol and ~$1.14B in the latest 7D. Over the same period dYdX prints $3.04B, GMX $770M and the moat Hyperliquid at $278.9B. Ondo is still far behind Hyperliquid. I don’t think it makes sense to present it as a direct liquidity competitor yet. What interests me is where the volume comes from. Around 96% of Ondo’s trailing 30-day volume was tied to RWAs with 53% commodities, 37% equities and ETFs, 6% indices and only 4% BTC and ETH. This makes Ondo fundamentally different from the other 3 platforms. – @HyperliquidX is the benchmark for liquidity, execution and crypto market depth. – @GMX_IO remains relevant for leveraged crypto trading and LP yield. – @dYdX has a longer operating history and established order-book infra. → Ondo is building around equities, ETFs, indices and commodities from the start. Its strongest advantage is collateral. Users can post stablecoins or Ondo tokenized stocks and ETFs as margin. Someone holding tokenized NVDA or SPY can retain that exposure while using the same capital to trade other perpetual markets. I think this matters more than the leverage limit or fee difference. Traditional market makers normally keep inventory at one venue and stablecoin collateral at another. Ondo can bring the underlying asset, collateral and hedge into the same system. That can improve capital efficiency significantly. The early activity also looks unusually granular. Ondo processed 8.08M fills, compared with around 49,700 transactions on GMX during the measured period. This suggests participation is not limited to a few large trades. If you already held tokenized equities and wanted to use them as productive collateral for 24/7 equity, index or commodity trading, Ondo Perps currently offers the strongest structure.